Yemeng Yang

Mr. Cooper to Pay $131M to Settle Servicing Disputes

December 10, 2020

Mr. Cooper has agreed to pay more than $131 million to settle two separate investigations tied to servicing violations following the 2008 financial crisis.

MBA Forecasts Strong Originations in 2021

December 10, 2020

Yemeng Yang

Purchase-mortgage production is expected to climb to a record high next year, according to industry economists. Refis may not match this year’s unprecedented volume but will still remain strong.

Consumer Groups Target Overturn of Trump-Era Lending Rules. CRA?

December 8, 2020

Yemeng Yang

In June, community advocacy groups, including the NCRC, brought a lawsuit against the Office of the Comptroller of the Currency over its final CRA rule...

Three Mortgage Servicers Settle Claims on Bankrupt Borrower Servicing

December 8, 2020

Yemeng Yang

Mr. Cooper, U.S. Bank and PNC Bank collectively will pay $74 million to remediate impacted borrowers.

Consumer Group Lawsuits Aim to Overturn Trump-Era Rules

December 7, 2020

Yemeng Yang

Consumer advocacy groups are hoping their recent lawsuits have set the stage for the Biden administration to overturn lax Trump-era rules.

Mr. Cooper to Pay $91M to Settle Past Servicing Violations

December 7, 2020

Yemeng Yang

Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week.

CFPB Finalizes Advisory Policy, Issues Two Opinions

December 7, 2020

Yemeng Yang

Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.

GAO Urges CFPB to Update Model Form for Disclosures

December 7, 2020

Yemeng Yang

The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.